The market for Thermoplastic Vulcanizate (TPV) globally is expected to grow at an approximate CAGR of 6% during the forecast period of 2019 – 2024. Major factors driving the market studied are the increase in the use of Thermoplastic Vulcanizate in Consumer Goods Industry.
- On the flipside, the sudden decline of the automotive industry in major countries, such as China, India, and Germany, is expected to hinder the growth of the market studied.
- Growing use in Healthcare industry is expected to be a major opportunity for the market to grow.
Key Market Trends
Extensive Demand from Automobile Industry
- Automotive lightweight materials have been witnessing robust growth during the past couple of years, due to the increasing demand for luxurious, low-on-emission, safe, and high-performance vehicles. As a result, suppliers and manufacturers have introduced various solutions that not only help OEMs meet continually tightening regulations, but also satisfy the widening range of consumer personal taste.
- Typical TPV applications in the automotive industry include hose coverings, gaskets, seals, convoluted boots, vibration dampeners, air inlet duct covers, bushings, strut covers, ignition components, and window seals. Cost is the biggest advantage, with TPVs being 10-30% lower than EPDM, coupled with lower weight, improved design flexibility, and recyclability. Furthermore, the light weight of TPV enables more fuel-efficient vehicles. Every 10% reduction in vehicle weight is estimated to result in a 5-7% reduction in fuel usage.
- Thus, increasing demand for Thermoplastic Vulcanizates from Automotive industry is expected to drive the Thermoplastic Vulcanizate(TPV) market.
Asia Pacific to Dominate the Market
- Electrical and electronics is one of the most prominent sectors in the ASEAN region. This sector accounts for nearly 30-35% of the total exports of the region. Thailand, Malaysia, and Vietnam are the key manufacturing hubs for electrical and electronics products in the global market.
- Thailand is the largest production base for electrical appliances in the ASEAN region. In 2017, the electrical and electronic products exports were valued at USD 60 billion.
- The governments of various ASEAN countries, such as Indonesia, Thailand, and Singapore, are focusing on formulating initiatives, in order to maintain the flow of growth, through various investment policies.
- In 2018, Japanese automobile production witnessed a rise of 0.4% over the previous year, to reach 9.7 million units. In recent years, there was an increase in the sales of motor vehicles and the number of motor vehicles in use.
The Thermoplastic Vulcanizate (TPV) market is partially consolidated with top 7 players competing globally for an estimated 70% of the market. The major companies include Exxon Mobil corporation, Mitsubishi Chemicals Inc, Teknor Apex, Ravago, KUMHO POLYCHEM and others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support